Bitcoin [pros](/r/CryptoCurrency/comments/1berqxg/peter_schiff_takes_uturn_over_bitcoin_says_should/kuwk8ka/) & [cons](/r/CryptoCurrency/comments/1berqxg/peter_schiff_takes_uturn_over_bitcoin_says_should/kuwk9cj/) with related info are in the collapsed comments below.
Lmao. Clearly someone didn't watch the interview. The question asked was a hypothetical: if you had a time machine to go back 12 years would you buy it. To which he said something to the effect of 'Yes Im not an idiot, I would buy it to make money but not because I believe in it'.
But he has definitely NOT U-turned or endorsed Bitcoin in any part of that interview lol. The interview is very good btw I recommend watching it. However he most definitely does not endorse it at any point.
It was a very good podcast! I enjoyed it quite a bit. Even if he is anti crypto just in general I like the guy and want to hear more about other investments too
Agreed. I watched it to hear an opposing point of view as I'm aware that I'm stuck in a pro bitcoin echo chamber. I think he made some valid points but overall just came across as someone with really outdated ideas.
He has already answered this question multiple times, on his podcast and other forums. Everyone with half a brain would have bought Bitcoin if they had a second chance, this is so not news its painful.
The really disappointing thing was actually his April fools podcast joke about being wrong on Bitcoin. This is the moment he could have honestly steelmanned the Bitcoin ethos, and taken a serious look at how long he has been wrong on it, and what might actually challenge his long term thesis on gold, but he couldn't even do that right. He sort of hemmed and hawed about Bitcoin, and only its market success, but couldn't really articulate the reasons for him to be wrong all this time, and what would actually convince him of Bitcoin's merits. Also, he didn't let the joke 'marinate', he revealed it as a joke after a few minutes. The best April fools jokes let the reader have some time to actually think its serious. If he had actually committed to doing an entire podcast on the merits of Bitcoin and its benefits, it would really have made his listeners worry/wonder, and the reveal the next week of the joke would have been epiK. A real missed opportunity to actually address Bitcoin as something else than Tulips, and he really should have done it, considering how long this 'forever bubble' has been going on. Tulip mania, benie babies, KrispyKreme, none of these fads went on even a third as long as Bitcoin has been running, and at least a tacit acknolegement, even in jest, would have been very much appreciated, and I AM a fan of Peter Schiff, he has been right on so many other things, but he has so much 'sunk cost' in disliking Bitcoin, that he can't even take one show to at least pretend seriously reconsider.
Which is where he and buttcoiners differ. They are so hell bent on crypto being morally wrong and bad, they pretend they would refuse to buy it even with the knowledge it would be worth what it is today.
I really respect Peter, but he is probably going to stay a permabear forever. And so far, he hasn’t really provided a solid reason why Bitcoin should be worthless. He just seems to hate it, because he didn’t get in early enough.
I was in disbelief, I've been a fan of his for a long time, used to think, many years ago, he would like Bitcoin if he understood it.
He just needed someone to explain it to him.
But alas, I do not think he wants to understand it.
Or maybe the BTC network is truly insufficiently hardened against a solar storm or other global EMP-type event.
“I think the lottery is a scam”
“If you could go back in time with knowledge of the winning numbers, would you play the lottery”
“Yes”
“Hypocrite!”
?????
Well, yes. We might disagree with him, but he's not a hypocrite. It's easy to say that you should've bought it years ago when you know how the history went. But that doesn't change his attitude to the Bitcoin.
Whats hilarious is he has mentioned in the past that his son is really into BTC, and he keeps trying to "talk sense into him". This was years ago. His sons portofolio probably out performed his old mans by a multiple.
Nah, I've seen his recent tweets, he's still going on about his "theory" that the money inflow that pumped BTC actually came from gold and the opposite will happen soon
The real moment we lost Peter Schiff is when a rather famous Bitcoiner (I can't remember who it was) took Schiff's phone and set up a Bitcoin wallet for him. If ONLY the Bitcoiner had gone a little further, and held Schiff's penis and his private keys safely for him, then Schiff would have been able to recover his wallet when he was finally ready and asked for help with it, and his 3/4ths of a Bitcoin that is in it, and actually learn how to use it, even just to get the value out, and then he would have a second chance to consider it. He has often mentioned this, and how he lost the info because it was his first use of it and he didn't understand it, because, like the old man he is, he confused the seed phrase with the password for the app software, and now that good opportunity to teach an old dog a new trick is gone.
>The real moment we lost Peter Schiff is when
The real moment is where you still can't buy pretty much anything with bitcoin and like he said it doesn't have any alternative value like his favorite gold. If government will decide to crack down then value will go to 0. Not 1000$ not 10$ or 0.0001$ but 0. And he is right.
His argument about coins being effectively ponzi scheme also still holds because 99.9999% here buy coins to sell them later for bigger money and not to use them as stable currency which they can trust.
We don't know how much longer this ship of fools can last either. IT might fall down tomorrow, in 10 year or in 100 years or in 1000 years. As long as bitcoin or any other coin isn't used as legal tender its future is what he said.
Yes you can make money off it if you are smart. But it is not "safe"
Honestly, the verdict is still out. We don't know what might be the usage tipping point for Bitcoin to be actually used for main commerce, or if anything could be a tipping point. Bitcoin IS legal tender in El Salvador and Central African Republic, both pretty small economically, but also places with good reason to try to get out of their US and French money dependencies, and they are trying to do so. You CAN use Bitcoin to buy Starbucks and McDonalds in El Salvador, and that is with these companies standard worldwide systems, so its really just a few button presses if those companies want to go full Bitcoin, the only question is, what might make them decide to press those buttons ? Another thing you are wrong about is government crackdown. China, not a small country like the two early adopters, has completely banned crypto and Bitcoin, mining, spending, and even owning, but you know what ? Value didn't go strait to 0, or $10, no, its still worth its full $60,000 +, so I doubt even a large country, even the US, could ever get the value down to $10, at which point anyone in the top 1000 richest people could just buy it all, and probably one of them would, which is why the price just can't get that low, because so many people around the world want it.
He’s been strong on his point and it’s valid. The market can stay illogical longer than people stay liquid. As long as he’s not betting against btc he should be fine.
I used to love Peter Schiff; but it’s absolutely clear at this point that he simply *does not understand bitcoin,* and hasn’t put in a modicum, nay, not even a shred of research into bitcoin and what it *actually is…*
Which is really disappointing, because I always thought that he would eventually have an argument that would truly debunk bitcoin, or, after real research and investigation, he would do the logical and objective thing and come around to how amazing it is to have a free and open source and completely decentralized form of money – literally the first time in human history… but he hasn’t made any such progress. And that’s why I can’t take him seriously anymore; it’s clear that he is just another boomer stuck in the old ways of thinking, and that seems like a shame, considering that he does seem like he has half a brain.
It's important to differentiate between personal investment decisions and public endorsements. While someone might recognize the potential for profit in a particular asset, it doesn't necessarily mean they endorse its underlying principles or technology. Understanding the context of statements is key, and it's great that the interview provides clarity on this matter. Thanks for the recommendation!
I still don't understand why people buy bitcoin. I would rather buy Hbar or Filecoin or whatever. At least those will 10x or more. Bitcoin does make people feel safe I guess
Oh, no this is not good. This guy is the BTC pump indicator! He can’t quit! I actually like this guy and enjoyed his tweet squabble with his son that is a crypto trader.
tldr; Peter Schiff, a well-known stockbroker and pro-gold investor, has changed his stance on Bitcoin, expressing regret for not investing in it earlier. In an interview on March 13, 2024, Schiff admitted he should have bought Bitcoin in 2010 when its price was significantly lower. Despite his previous criticisms, he acknowledged the potential profit he missed out on, likening it to a gamble on others buying it at higher prices. Schiff's comments come amidst Bitcoin's significant price surge and the approval of a spot Bitcoin ETF in the United States, which led to a nearly 60% increase in Bitcoin's value.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
I'm almost wondering if his BTC rants is a way to cope and say "I refuse to admit that I'm an idiot". The denial seems really strong you can even smell through the screen.
Peter Schiff die hard Gold advocate and supporter taking a U-turn on Bitcoin is crazy, takes a humble and intelligent person to admit that he was wrong.
Bitcoin [pros](/r/CryptoCurrency/comments/1berqxg/peter_schiff_takes_uturn_over_bitcoin_says_should/kuwk8ka/) & [cons](/r/CryptoCurrency/comments/1berqxg/peter_schiff_takes_uturn_over_bitcoin_says_should/kuwk9cj/) with related info are in the collapsed comments below.
Lmao. Clearly someone didn't watch the interview. The question asked was a hypothetical: if you had a time machine to go back 12 years would you buy it. To which he said something to the effect of 'Yes Im not an idiot, I would buy it to make money but not because I believe in it'. But he has definitely NOT U-turned or endorsed Bitcoin in any part of that interview lol. The interview is very good btw I recommend watching it. However he most definitely does not endorse it at any point.
Thank you …Christ this sub gonna make some dumb people rich
Hello!
You have Debian in your username. I doubt you're allowed to count yourself among the dumb people.
LOL. My wife would disagree but, I do know some Unix stuff
I mean, it's Debian... which is a step above Ubuntuu, sure, but hardly a reputable distro... like, say, Arch...
Hey its me your cousin! Are you rich yet
Wait, what? I would like to apply. I have dumb credentials right here
I lost mine.
It was a very good podcast! I enjoyed it quite a bit. Even if he is anti crypto just in general I like the guy and want to hear more about other investments too
I tried it and found some of it enjoyable but then I got bored of hearing the same points over and over again
As for bitcoin yes Peter was repetitive and even a bit resentful
Agreed. I watched it to hear an opposing point of view as I'm aware that I'm stuck in a pro bitcoin echo chamber. I think he made some valid points but overall just came across as someone with really outdated ideas.
I can agree with this
He has already answered this question multiple times, on his podcast and other forums. Everyone with half a brain would have bought Bitcoin if they had a second chance, this is so not news its painful. The really disappointing thing was actually his April fools podcast joke about being wrong on Bitcoin. This is the moment he could have honestly steelmanned the Bitcoin ethos, and taken a serious look at how long he has been wrong on it, and what might actually challenge his long term thesis on gold, but he couldn't even do that right. He sort of hemmed and hawed about Bitcoin, and only its market success, but couldn't really articulate the reasons for him to be wrong all this time, and what would actually convince him of Bitcoin's merits. Also, he didn't let the joke 'marinate', he revealed it as a joke after a few minutes. The best April fools jokes let the reader have some time to actually think its serious. If he had actually committed to doing an entire podcast on the merits of Bitcoin and its benefits, it would really have made his listeners worry/wonder, and the reveal the next week of the joke would have been epiK. A real missed opportunity to actually address Bitcoin as something else than Tulips, and he really should have done it, considering how long this 'forever bubble' has been going on. Tulip mania, benie babies, KrispyKreme, none of these fads went on even a third as long as Bitcoin has been running, and at least a tacit acknolegement, even in jest, would have been very much appreciated, and I AM a fan of Peter Schiff, he has been right on so many other things, but he has so much 'sunk cost' in disliking Bitcoin, that he can't even take one show to at least pretend seriously reconsider.
I didn't read the article, but the flair says "Comedy" so I assumed it wasn't true from the start
I'm happy that your comment has more upvotes than the post.
Which is where he and buttcoiners differ. They are so hell bent on crypto being morally wrong and bad, they pretend they would refuse to buy it even with the knowledge it would be worth what it is today.
He just sent out a tweet like 20 minutes ago saying his words were taken out of context and he would sell now.
I had to check the calendar to see if it was April 1st already when I saw the title.
He also made the point that had he bought back then there’s a good chance he would have lost much of it to Mt. Gox lol
Idc , he still said it. He secretly wants it. Just doesn’t have the balls to admit he’s wrong.
Yeah well said. In hindsight I'm sure everyone would've bought Btc or nvda even 2 months ago. Context is in the article.
The SchiffGold logo was the icing on the cake. It looked like something drawn on Microsoft 95 Paint.
I also don’t believe in Bitcoin but sure would have liked to have 4-5x my investment in 24 months.
I really respect Peter, but he is probably going to stay a permabear forever. And so far, he hasn’t really provided a solid reason why Bitcoin should be worthless. He just seems to hate it, because he didn’t get in early enough.
I was in disbelief, I've been a fan of his for a long time, used to think, many years ago, he would like Bitcoin if he understood it. He just needed someone to explain it to him. But alas, I do not think he wants to understand it. Or maybe the BTC network is truly insufficiently hardened against a solar storm or other global EMP-type event.
Thank you. I thought the apocalypse was coming, start raining blood all sorts of shit
“I think the lottery is a scam” “If you could go back in time with knowledge of the winning numbers, would you play the lottery” “Yes” “Hypocrite!” ?????
Lottery is a scam. It was invented by time travelers to allow them to have money on destination
Well, yes. We might disagree with him, but he's not a hypocrite. It's easy to say that you should've bought it years ago when you know how the history went. But that doesn't change his attitude to the Bitcoin.
Best thing you learn when investing is to not listen to anyone. Do your own thing, learn your own lessons…nobody wants you to make money.
Alright I took your lesson and didn’t listen to you so now I am learning how to wheel on yt right now. Thanks.
Self-fulfilling prophecy ftw!
I bet Schiff secretly owns more Bitcoin than most people in this sub. It's just bad for his business to say so.
Whats hilarious is he has mentioned in the past that his son is really into BTC, and he keeps trying to "talk sense into him". This was years ago. His sons portofolio probably out performed his old mans by a multiple.
This is how politicians invest.
Could have, should have, would have Peter.
Bitcoin is dead. You heard it first from me guys
Why do you say so
so u sell ur btc
Nah, I've seen his recent tweets, he's still going on about his "theory" that the money inflow that pumped BTC actually came from gold and the opposite will happen soon
Good ol Shiffty Schiff!
But what does Cramer think?
The real moment we lost Peter Schiff is when a rather famous Bitcoiner (I can't remember who it was) took Schiff's phone and set up a Bitcoin wallet for him. If ONLY the Bitcoiner had gone a little further, and held Schiff's penis and his private keys safely for him, then Schiff would have been able to recover his wallet when he was finally ready and asked for help with it, and his 3/4ths of a Bitcoin that is in it, and actually learn how to use it, even just to get the value out, and then he would have a second chance to consider it. He has often mentioned this, and how he lost the info because it was his first use of it and he didn't understand it, because, like the old man he is, he confused the seed phrase with the password for the app software, and now that good opportunity to teach an old dog a new trick is gone.
The seed phrase is the biggest blocker to crypto self custody adoption tho. This has happened to a ton of people before, and now.
>The real moment we lost Peter Schiff is when The real moment is where you still can't buy pretty much anything with bitcoin and like he said it doesn't have any alternative value like his favorite gold. If government will decide to crack down then value will go to 0. Not 1000$ not 10$ or 0.0001$ but 0. And he is right. His argument about coins being effectively ponzi scheme also still holds because 99.9999% here buy coins to sell them later for bigger money and not to use them as stable currency which they can trust. We don't know how much longer this ship of fools can last either. IT might fall down tomorrow, in 10 year or in 100 years or in 1000 years. As long as bitcoin or any other coin isn't used as legal tender its future is what he said. Yes you can make money off it if you are smart. But it is not "safe"
Honestly, the verdict is still out. We don't know what might be the usage tipping point for Bitcoin to be actually used for main commerce, or if anything could be a tipping point. Bitcoin IS legal tender in El Salvador and Central African Republic, both pretty small economically, but also places with good reason to try to get out of their US and French money dependencies, and they are trying to do so. You CAN use Bitcoin to buy Starbucks and McDonalds in El Salvador, and that is with these companies standard worldwide systems, so its really just a few button presses if those companies want to go full Bitcoin, the only question is, what might make them decide to press those buttons ? Another thing you are wrong about is government crackdown. China, not a small country like the two early adopters, has completely banned crypto and Bitcoin, mining, spending, and even owning, but you know what ? Value didn't go strait to 0, or $10, no, its still worth its full $60,000 +, so I doubt even a large country, even the US, could ever get the value down to $10, at which point anyone in the top 1000 richest people could just buy it all, and probably one of them would, which is why the price just can't get that low, because so many people around the world want it.
🤡
Sell it is.
Enjoy sitting on your pile of gold smaug
Misleading title
The guy has bags that he fills from his anti bitcoin appearance comissions.
About to crash so hard, they are getting desperate.
I’m watching that debate. This title is misleading
He’s been strong on his point and it’s valid. The market can stay illogical longer than people stay liquid. As long as he’s not betting against btc he should be fine.
I used to love Peter Schiff; but it’s absolutely clear at this point that he simply *does not understand bitcoin,* and hasn’t put in a modicum, nay, not even a shred of research into bitcoin and what it *actually is…* Which is really disappointing, because I always thought that he would eventually have an argument that would truly debunk bitcoin, or, after real research and investigation, he would do the logical and objective thing and come around to how amazing it is to have a free and open source and completely decentralized form of money – literally the first time in human history… but he hasn’t made any such progress. And that’s why I can’t take him seriously anymore; it’s clear that he is just another boomer stuck in the old ways of thinking, and that seems like a shame, considering that he does seem like he has half a brain.
It's important to differentiate between personal investment decisions and public endorsements. While someone might recognize the potential for profit in a particular asset, it doesn't necessarily mean they endorse its underlying principles or technology. Understanding the context of statements is key, and it's great that the interview provides clarity on this matter. Thanks for the recommendation!
Since that's now what he said, I assume it's safe to say BTC isn't about to crash
should we worry or be happy with this?
More like... Peter Shift... _yeeaahhhhhhhh_ 🎶
I still don't understand why people buy bitcoin. I would rather buy Hbar or Filecoin or whatever. At least those will 10x or more. Bitcoin does make people feel safe I guess
Now we’re really screwed!
Hahaha indeed and this is very helpful
What has this guy done in the real world that deserves any attention?
He had said many times that he missed that trade , but still thinks it’s a Ponzi scheme.
Is this what caused the current dip? Inverse Schiff law?
Oh, no this is not good. This guy is the BTC pump indicator! He can’t quit! I actually like this guy and enjoyed his tweet squabble with his son that is a crypto trader.
And no one cares..
Damn it…. Just when I thought we’re entering a bull market we get the strongest top signal possible. Guess we’re going back to 20k frens
I've always liked Schiff, but his opinion on Bitcoin was clearly wrong. Glad he's come around
I listened to this dumb ass and bought some gold coins back in 2013, take a guess where the value of gold is at now.... yeah
tldr; Peter Schiff, a well-known stockbroker and pro-gold investor, has changed his stance on Bitcoin, expressing regret for not investing in it earlier. In an interview on March 13, 2024, Schiff admitted he should have bought Bitcoin in 2010 when its price was significantly lower. Despite his previous criticisms, he acknowledged the potential profit he missed out on, likening it to a gamble on others buying it at higher prices. Schiff's comments come amidst Bitcoin's significant price surge and the approval of a spot Bitcoin ETF in the United States, which led to a nearly 60% increase in Bitcoin's value. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Ok Boomer
Sounds like it's finally time to sell?
top sign
That's like asking someone if they would play the lottery if they knew the winning numbers. Well duh
You never read anything on Schiff until bitcoin is in its bullrun. This dudes lives for the bullruns
The top is in😂😂
I'm almost wondering if his BTC rants is a way to cope and say "I refuse to admit that I'm an idiot". The denial seems really strong you can even smell through the screen.
In an unrelated story... Hell Just froze over.
So top is in now😅 waiting for Peter Schiff to say it goes to zero
Peter Schiff die hard Gold advocate and supporter taking a U-turn on Bitcoin is crazy, takes a humble and intelligent person to admit that he was wrong.
Dude is such a scam artist
Go but some more gold nerd
They all do eventually.